Todd Operates a Business Using the Cash Basis of Accounting

question 19

Multiple Choice

Todd operates a business using the cash basis of accounting. At the end of last year, Todd was granted permission to switch his sales on account to the accrual method. Last year, Todd made $427,000 of sales on account, and $66,800 was uncollected at the end of the year. What is Todd's §481 adjustment for this year?

• A)Increase income by $427,000
• B)Increase income by $16,700
• C)Increase expenses by $66,800
• D)Increase expenses by $427,000
• E)Todd has no §481 adjustment this year.

Understand the role of seniority in employee-related decisions.

Identify unfair labour practices by unions and management.

Recognize strategies employees use to promote union membership among co-workers.

Describe the final steps in grievance procedures and their importance.

---

Definitions:

Culture Integrated

Describes a society where various aspects of culture (beliefs, practices, values) are closely interconnected and consistent.

Harmonious

Describes a situation, relationship, or arrangement that is well balanced, peaceful, and free from discord.

Superstructure

A concept in Marxist theory referring to the cultural, ideological, and institutional structures built upon the economic base of society.

Infrastructure

The fundamental facilities and systems serving a country, city, or area, including transportation and communication systems, power plants, and schools.